What is the first step in buy a house for the first time??

Question

I'm not ready to buy right away but I'd like to know what I need to do to get the process started

Answer 1

You want to see a loan officer. The pre-approval process takes less than 1 hour. You can gain insite about what you need to do. Be prepared with a recent paystub and W-2. Self Employed borrowers may need to bring in 2 years federal tax returns. Saving as much money as quickly as possible is always a good thing when in the planning stages of buying a home. This money may only be needed for reserves. Feel free to contact me.

Answer 2

Your first step prior to buying a home should be ....

Research!  Talk to those closest around you.  Those people you trust the most (ie family, friends).  Ask them what their experiences were.  Ask them who they used for a lender, realtor, etc.  Ask them what they liked, what they didn't, what they wished they knew.

This should be your "first" step.

The next step would start the process.  (ie see what's on your credit report, understand the loan process, research loan products etc)

Answer 3

See what kind of mortgage you can qualify for before you go house hunting.  If you've never bought before, it's a good idea to get a buyer's agent; they'll help you through all the hoops and they may also know of listings that aren't on the MLS.

Answer 4

Before you do anything I strongly recommend attending a first time home buyers seminar.  Some real estate agents run these for free from time to time as a way of finding new clients, although you're usually under no obligation to use that agent it you don't want to.  I went to one of these sessions before buying my first home and it helped immensely, answering all my questions about the purchasing process, financing, home inspections, etc.  Aside from that, you should speak with your bank and do a mortgage pre-approval so that you know what price range you should be looking in and what you can comfortably afford.  Good luck!

Answer 5

BUILD your credit by paying all your bills on time, and in full.  Don't buy on credit what you can't pay off when the bill comes.  Pay off balances, always pay 204 times minimums.

SAVE for your down payment.  FHA requires 3-5% down minimum.  20 is better, and 20% down lets you avoid paying PMI.

Answer 6

1. Get a credit report, see what your credit score is. They range from 400 to 850 The higher the score the better. You should have no problem with 620 and above but you should shoot for at least 680.

Check for any errors, correct them if you find any (post again on that issue if you need help)

2.Try to have at least 3 trade lines open (keep the monthly payments down)

3. Make all payments on time (Nothing over 30 days late)

4. Try not to change jobs (if you do, try to keep it in the same field of work)

If you currently rent from individual pay by check and save your cancelled checks. If you rent from an apartment complex or a property management company the lender can your rent history from them.

Save your money